Preheat oven to 350°F. Spray a 9.75x3.38-inch Bundt pan with baking spray.
Mix oil and sugar on medium speed until light and fluffy. Add eggs and vanilla; beat well. Sift together dry ingredients. Add to wet ingredients and mix on low-speed until blended. Add carrots, coconut, pecans, and raisins, and stir.
Pour batter in pan. Bake for 45-50 minutes, or until cake tester inserted in center of cake comes out clean. Let rest for 5 minutes then remove from pan. Cool on wire rack.
To make the icing:
On medium speed, cream together cream cheese, butter, and vanilla. Set speed to low and add powdered sugar. Mix until blended. Spread on cooled cake.